The time it takes to sell a house after it has been listed with a realtor varies widely depending on several factors. It can take a few days, months, or years to get an offer.
On average, closing takes 30-45 days, depending on the type of buyer, the required buying process, and prevailing market conditions. Therefore, it can take about 45 days up to a year or more to close a sale after listing your house with a realtor.
We will discuss the sale process involved after listing a house. We will also discuss the factors that influence your house’s stay on the market. If you’re in Denver area, you can also check out the number 1 Denver home buyer.
Once your real estate agent has listed the house, the following are the stages involved in a traditional sale.
After listing, a potential buyer may be interested in seeing the house. The realtor can decide to have the house open for viewing throughout or come up with a showcasing schedule on specific days.
Interested buyers will make an offer on the property. Depending on the prevailing market conditions, you may get multiple offers. Your listing agent will assess and vet the various offers and choose the most suitable buyer. They will then accept the offer within a few days.
If the potential buyer is committed to moving forward with the sale, they will make an earnest money deposit and prepare the paperwork for the offer.
In the contract, they will stipulate any contingencies, state the purchase price they are offering, method of payment, concessions, breakdown closing costs, and fees, and indicate when they would like to close the sale.
Potential buyers or financiers have the right to request a home inspection or appraisal before closing the sale to ascertain that the house is in good condition. Depending on the house’s condition, this step can prolong the sale process.
Typically, the actual inspection or appraisal takes a few hours or days. However, if the appraiser is booked and only available after a week, it adds a week to the sale process.
The buyer can negotiate the listed price depending on the appraisal and inspection findings.
If the house needs repairs, they can bargain for a discount on the listing price to cover their repair costs.
You may state your counter offer or reject the offer altogether, in which case you would be open to accepting new offers. Once you have reached an agreement with the buyer, proceed to close the sale.
Closing involves the buyer transferring the remaining amount for the sale of the house to you, and you transfer the title deed of the house to them.
The buyer or their real estate agent may do a title search to ensure the property is legit and to check in with a home insurance company on whether the house is eligible for coverage.
It is a good idea to involve a real estate attorney when closing to ensure everything is done correctly per the legal requirements.
The supply and demand for real estate in the US varies throughout the year with changing seasons. Typically, the colder seasons cause a slowdown in the real estate market.
During fall and winter, there are fewer houses on the market. However, the demand is also low, resulting in lower prices. Therefore, the house can stay in the market for months before getting an offer.
The spring season sees a boom in the real estate market. As the weather becomes warmer and schools close, circumstances favor selling and buying houses. Therefore, there is a spike in the number of houses in the market and the number of home sellers.
The market is quite competitive in all aspects. A home seller prices the houses higher and expects to get offers in a few days or weeks. If you sell your house during spring, it must be listed and marketed to stand out from the competition.
In summer, the market is still busy, and you can expect to get a home buyer in a few weeks before it begins to slow down in August. Many sellers’ agents may suggest offering deals and slashing prices to sell before fall and winter.
According to the National Association of Realtors 2020 report, 87% of home purchases are financed through a mortgage.
High interest rates make homes less affordable for most buyers. Therefore, it decreases the pool of prospective buyers resulting in the property staying in the market for long.
Usually, it takes 30-45 days between the time buyers apply for and get the mortgage. In a high interest market, the due diligence process can take longer, further delaying the sale process.
This is because lenders take longer to do thorough due diligence to establish if a buyer can repay the loan and ensure that the property is in good condition.
It is much easier to sell a house in tip-top condition than one that requires major repairs and renovations.
Therefore, consider doing repairs on the house to improve its competitiveness in the market and to be able to sell it at a fair market value. Alternatively, you can sell it as is for a cash offer.
Whether you are selling in a buyers’ vs. sellers’ market will greatly impact how long it takes to get an offer on your house and close. In a sellers’ market, the demand for houses is much higher than the supply.
Therefore, you are more likely to get an offer in a few days or weeks, and you can negotiate a much higher price. Conversely, more houses are on sale in a buyer’s market compared to potential buyers. As such, your house may take longer to sell.
If your house has been listed for several months, potential buyers may be wary of buying it on the assumption that something must be wrong with it.
The right listing price for a house depends on its appraisal value and comparative market analysis. It can take longer to sell if it is too high or too low.
Therefore, it is always a good idea to consult an experienced real estate professional in your area when setting a listing price for the house.
They will assess the features and condition of the house against similar properties in the area to establish a competitive listing price.
The process of selling a house involves different steps that affect its timeline. How fast you sell the house also depends on factors such as availability of financing, state of the market, time of the year when you are selling, condition of the house, and how long the house has been in the market, among other factors.
The sale process after listing can take a few weeks up to months. In extremely competitive markets, or if the house is in bad condition, it can take up to a year or more.
The key to selling fast is to work with an experienced real estate agent in your area to help you with the sale process.
They will help you set the right price for the house, stage it well, schedule showings, and negotiate with buyers. They will also facilitate the closing process.
If you want to sell your house fast, WeBuyHousesInDenver.org is your solution to selling your house, because as the number 1 Denver home buyer we will buy any house in any condition so if you want a cash offer on your property simply give us a call or fill out an online form and our team of experts will get to work, quick smart, to help you get your house SOLD!
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